Justin Sun to Reverse $56M Binance Transfer After CZ Warns Against Potential SUI Token Grab

Markets

Tron founder Justin Sun has arranged a full refund of a $56 million transfer to exchange platform Binance after a warning from the latter's CEO Changpeng Zhao.

After the transfer in TrueUSD (TUSD) got flagged by Whale Alert early Monday, Zhao took to Twitter to say his platform has warned Sun it will take action if he used any of the funds to buy up large amounts of SUI tokens from Binance's LaunchPool.

"Binance LaunchPool are meant as air drops for our retail users, not just for a few whales," Zhao tweeted.

Sun then replied to the post saying his team was not fully aware of the "intended purpose" of the funds.

"Upon realizing this error, we immediately contacted the exchange team and arranged for a full refund of the funds," Sun tweeted.

This is a developing story and will be updated.

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